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Solana Co-Founder Yakovenko Urges Congress to Regulate Crypto in the U.S

by BSC News

September 19, 2023

chain

Yakovenko underscores the need for clear blockchain regulations, noting the hurdles faced by young crypto entrepreneurs due to legal complexities.

Solana co-founder Anatoly Yakovenko is urging Congress to take a proactive approach in regulating cryptocurrency to keep innovation within the United States.

In a passionate op-ed, Yakovenko, who was born in Ukraine and moved to the U.S. as a child, emphasizes the need for clear regulatory frameworks to support blockchain entrepreneurs. He highlights the challenges faced by young founders in the crypto space, who often grapple with significant legal complexities and the absence of regulatory clarity.

Yakovenko underscores the alarming trend of blockchain talent leaving the U.S. for more hospitable regulatory environments. He notes that in 2018, the U.S. was home to 42% of global open-source blockchain developers, but by 2022, that number had dropped to 29%. The co-founder argues that a well-functioning economy should not penalize an entire industry for the actions of a few bad actors and emphasizes the importance of fostering American values at the core of impactful tech companies.

He commends congressional efforts to advance legislation aimed at creating regulatory frameworks for digital assets and stablecoins, emphasizing that while these bills may not be perfect, they represent crucial steps toward protecting American technological leadership and promoting a free and open internet. Yakovenko also calls on the U.S. government to invest in blockchain research and development and suggests that policymakers should experiment with the technology themselves to craft effective policies.

In conclusion, Yakovenko advocates for a collaborative dialogue between the crypto industry and policymakers to ensure that the U.S. remains at the forefront of the blockchain revolution and continues to attract top talent.

Anatoly Yakovenko summarizes his perspective, stating, "Let's keep builders building in America."

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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